A Prenuptial Agreement. A legal document signed before marriage regarding the division of property in the case of divorce, or death. With approximately 1 in 3 marriages ending in divorce, a prenup can be classified as ‘a romance killer’ or ‘smart financial planning’. Many financial and legal experts argue the latter. Nancy Dunnan, a New York Financial advisor and author states, “Think of it as a business arrangement or as an insurance policy to help remove some of the emotion that’s naturally involved. Marriage is not just an emotional and physical union — it’s also a financial union. A prenup and the discussions that go with it can help ensure the financial well-being of the marriage.” It is i this statement that I find great wisdom.
In todays lifestyle, planning well into the future is a crucial part of everyday life. In my mind, I think of a Prenuptial Agreement as an insurance plan. Divorces can be very stressful and emotional times. In my mind, a prenup can take away part of the stress by having pre decided the ‘fate’ of the items involved in the relationship.
“Most people in todays society have no interest in what is not theirs, and nor do they have an interest in losing all the possessions in the case of a divorce.” Supernatural5329 – 2006 There are many guidelines that should be followed when taking out a Pre Nuptial Agreement. One thing that I would personally recommend to have ‘spelt out’ when signing a prenup, is the possibility of change during the marriage. Factors such as children and investments should be considered when discussing this and should be clearly discussed and stated. Some things to be remembered when considering a prenup are: your states/countries rules on prenups. For example, in California, a prenup must be signed at least 7 days before the marriage takes place. Another thing to remember is to not sign a one after a few drinks or you are emotional, and do not present the agreement to your spouse in a time of distress for them.
Although all people want their marriage to last as long as possible, planning for the future and the possibilities it brings is a must do. A Prenuptial Agreement is a ‘safe’, secure, and organized way to prepare for your marriage and all it’s possibilities.